Pankaj Arora (Job) (150 Points)
26 July 2011
In a case when LIP is taken in the name of minor child, can the parent in whose income, income of minor child is clubbed claim the deduction of such LIP.
If yes, then, whether the deduction shall be within the limit of Rs. 100000/- or it is in excess of the limit of Rs. 100000/-.
Thanks
Chintan
(Accounts and Finance Executive CS Executive Pursuing)
(98 Points)
Replied 26 July 2011
DEDUCTION WILL BE 1500 /- PER MONTH FOR ONE CHILD WHILE CLUBBINGOF INCOME. YET WAIT FOR EXPER REPLY
Snehal
(Learning Tax)
(129 Points)
Replied 28 July 2011
In a case when LIP is taken in the name of minor child, can the parent in whose income, income of minor child is clubbed claim the deduction of such LIP.
If yes, then, whether the deduction shall be within the limit of Rs. 100000/- or it is in excess of the limit of Rs. 100000/-.
Thanks
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LIP: Life Insurance Policy of a MinorChild
You want to claim exepmtion u/s 80C.
For that forget about clubbing of Income: Clause
If you are paying LIP of your minor child you can claim Exemption u/s 80C in your ITR's upto a maximum limit of Rs. 1 Lacs. No more deduction can be availed above this amount.
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